Vancouver – 1 st February, 2008.
New Guinea Gold Corporation (“the Company or NGG”) is pleased to announce the listing of Coppermoly Ltd’s (“Coppermoly”) Initial Public Offering on the
Australian Securities Exchange (“ASX”) on January 31, 2008. The IPO raised AU$8 million and is the successful outcome of a planned reorganization of NGG’s exploration assets, specifically the Mt.
Nakru and Simuku copper molybdenum pr ojects (“the projects”) previously announced in a News
Release dated October 26 th , 2007.
NGG holds a direct 46% interest in Coppermoly and a further indirect interest of approximately 3.6% through it’s shareholding in Pacific Kanon Gold Corporation.
NGG acquired a 29% direct interest in Coppermoly in consideration for the transfer of the title of the two projects to Coppermoly. These shares are escrowed for two years. A further 17% was acquired bya direct investment by NGG in Coppermoly. This was achieved by way of a $2 million short-term
Loan Agreement with Joint Venture Partner, Vangold Resources Ltd. (“VAN”). The loan is subject to a 5% per annum simple interest rate. Subject to TSX-V Exchange approval, NGG will also issue
400,000 shares of the Company to VAN plus 400,000 bonus warrants, exercisable at $0.60 for a period of two years. The sale of these shares and any shares acquired as a result of the exercise of the bonus warrants are subject to a sale restriction of one year.
NGG considered it essential to make this investment in Coppermoly to achieve the successful listing.
The listing means that NGG retains almost 50% of the projects after AUD$6 million has been raised to take these projects forward. The projects will no longer require cash contributions from NGG and will allow NGG to focus on its gold developments at Sinivit, Imwauna and Weioko.
Coppermoly issued a release to the ASX on 30 th January 2008 as shown below:
Further results from the Sinivit and Imwauna Projects are presently being compiled and are to be released within the next few days.
For further information contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca
or Judith O’Quinn at 604 662 3598, email ngg@telus.net
The technical data in this release was prepared by or under the supervision of Robert D. McNeil, CEO of
New Guinea Gold Corporation. Mr McNeil has an MSc in Geology, 44 years mining industry experience, is a Fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person.
The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
‘R.D.McNeil”
CHAIRMAN & CEO

ASX/media announcement
30 January 2008
ADDRESS PHONE
PO Box 7996 +61(07) 5592 2274
Gold Coast Mail Centre FAX
Qld 9726 Australia +61 (07) 5592 2275
EMAIL
ABN 54 126 490 855 info@coppermoly.com.au
WEBSITE
www.coppermoly.com.au
Coppermoly Limited (ASX:COY), which lists on the Australian Securities Exchange today, has completed two drill holes intended to extend the known molybdenum mineralisation at its Simuku Project on New Britain island,
Papua New Guinea and assays are expected in approximately four weeks. Molybdenite (a mineral which contains molybdenum) was intersected in both holes. Further details are given later in this release.
The company will commence resource definition drilling at both the Simuku and Mt Nakru copper/gold/molybdenum systems in the near future with the main objective of defining resources within 18 months.
Peter Swiriduik Managing Director commented: “We have two drill rigs immediately available to start drilling once upgraded and extended camp facilities are in place. Two excavators and two bulldozers are being scheduled to assist in drill road preparation, trenching and access and by mid-year we expect to have four drills operating.
“Coppermoly’s management has extensive experience in Papua New Guinea and is very comfortable working in that country. Bob McNeil, Chairman, was previously General Manager for Esso in Papua New Guinea in the
1980’s, and Doug Hutchison, Chief Operating Officer, has more than 30 years experience in Melanesia, including Papua New Guinea,.” Mr Swiridiuk added.
Chairman Bob McNeil, who is also Chairman and CEO of the company’s largest shareholder, New Guinea Gold
Corporation, (TSX-V:NGG) said Coppermoly was fortunate to have the benefit of considerable early exploration.
“ These are very exciting projects. Extensive preparatory and exploration work, totalling in excess of AUD$20 million in today’s dollars, has been completed by past explorers including Esso and New Guinea Gold. The properties were first explore d by Esso, but largely lay dormant during the low metal prices of the 1990’s.
The following key points combined highlight why Coppermoly’s projects stand out from those of its competitors.
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Location – excellent location with road/track access, close to infrastructure including port and jet airport, and relatively easy tailing disposal. This will ultimately lead to lower exploration costs, capital requirements for development and likely mine operating costs.
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The extensive exploration already completed includes over 40 kms of bulldozer/excavator
trenching plus additional hand trenching and more than 50 drill holes. This drilling and trenching suggests the systems are very large – with alteration over more than 10 sq kms at each project – and likely to contain widespread copper and gold mineralisation comparable to other porphyry copper systems in Papua New Guinea.
+61 (07) 5592 2274
FAX

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The two projects have separate gold and/or molybdenum potential which may be amenable to early development. At Mt Nakru trench results included 35m at 7.26g/t gold and 42m at 2.70g/t gold including
3.0m at 16.8g/t gold. At Simuku trench results include 78m at 0.133% molybdenum and drill results 19m at 0.32% molybdenum and 0.10% copper.”
The geological potential of the properties is illustrated by the drill and trench results listed below.
Mt Nakru Simuku
Trench Results
78m at 0.133% molybdenum
Trench Results
245mat 0.80 g/t gold
(including) 15m at 0.25% molybdenum)
70m at 0.40% copper
14m at 0.26 g/t gold and 1.03% copper
Drill Hole Results
63m at 0.52% copper and 0.12g/t gold
77m at 0.49% copper and 0.11g/t gold
58m at 0.53% copper and 0.10g/t gold
7m at 0.60% molybdenum
45m at 2.50 g/t gold
25m at 1.43% copper
25m at 1.06% copper
4.0m at 6.6% copper
95m at 2.88 g/t gold (including) 35 m at 7.26 g/t gold
42m at 2.70g/t gold (including) 3.00 m at 16.80 g/t gold
Drill Hole Results
94m at 0.43% copper and 0.46g/t gold
74m at 0.78% copper, including 21m of 1.10% copper.
Papua New Guinea has one of the worlds most dynamic tectonic zones that offer the potential of very large mineral deposits that typically continue at depth.
All drill and trench information is available at www.coppermoly.com.au
or www.newguineagold.ca
Simuku Molybdenum Drill Core Description – Holes SMH015 and SMH016
Two drill holes have been completed in the Misile Hill – Horseshoe area at the Simuku Project. Both holes were located at 169456E/936791N. SMH015 was drilled on an azimuth of 270ºM, inclination of -70º to a depth of
50.8m. Hole SMH016 was drilled at an azimuth of 023ºM, inclination of -60º to a depth of 123.1m. These holes are approximately 250m south of the SMH014 which intersected 19m from surface of 0.32% molybdenum.
Conrad Palaulo, Supervising Geologist for Coppermoly Limited, described the core as follows: “The first 20m (0-
20m) of hole SMH015 consists of strongly oxidised fractured brecciated argillic over phyllic altered dacite porphyry with pyrite, chalcocite, molybdenite and hematite disseminates. Silicified clasts have hematite quartz stock-work veining.
From 20m to 35m, the core consists of silicified phyllic altered dacite to feldspar dacite porphyry with fine hairline pyrite and quartz veinlets with chalcopyrite, molybdenite +/- chalcocite crystals associating along the veinlets mostly as dissemination. Within this zone are narrow sheared fault zones consisting of puggy gray clay plus sulphides and quartz plus feldspar dacite porphyry clasts with fine disseminated molybdenite and pyrite (5-10%) with chalcopyrite/pyrite/molybdenite veins. The geology is similar to that logged for SMH014 (100m) drilled
250m to the North.
In hole SMH016 the first 15m (0-15m) consists of strongly oxidised, argillic altered, brecciated to friable silicified fragments of dacite porphyry with oxidized clay and sandy material comprising quartz, chalcocite, hematite, minor jarosite, +/- pyrite.
From 15m through to 25.80m is argillic over phyllic altered, brecciated friable dacite porphyry fragments and clasts with oxidized clay, brecciated intervals of dacite porphyry in parts. The interval comprises of pyrite mostly

in disseminated form, chalcocite, molybdenite, limonite (hematite) staining with minor quartz hematite stockwork along the brecciated units in this interval. Oxidation is generally strong from top of the hole down to the contact where it is mostly fracture controlled at 25m.
The entire hole is brecciated with angular – sub-angular quartz-dacite porphyry fragments within clast –clay supported matrix. Sulphide mineralisation is mostly pyrite in a disseminated form +/- chalcocite molybdenite (1-
2%). Below the oxidation zone (0-25m) is strong to moderately silicified with quartz stock work/veinlets +/- chalcocite +/- molybdenite +/-chalcopyrite. Epithermal textured quartz is present in places as fracture fills.
Chalcocite content decreases from this interval mostly in disseminated form, after 50m and gradually diminishes.
Molybdenite generally appears as disseminates.
For further information please contact Bob McNeil, Chairman Coppermoly Limited,
(07) 5592 2274, or Kevin Kartun or Brian Mahoney, FRC (Financial & Corporate Relations)
(02) 8264 1002/3 or Bernadette Sukkar (Associate Director) Novus Capital Limited,
(02) 9375 0114, Mobile: 0409 813 364.
The information in this report that relates to Exploration Results is based on information compiled by Bob McNeil, who is Fellow of the Australian Institute of Mining and Metallurgy. Bob McNeil is employed by Macmin Silver Ltd and New Guinea Gold Corporation.
Bob McNeil has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves”. Bob McNeil consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
R.D.McNeil
CHAIRMAN
Coppermoly Limited